How much money did investors allegedly lose in schemes linked to Allan Goh?

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Over 200 Investors Claim RM70 Million Lost in Schemes Linked to Allan Goh

A group of 213 investors are collectively suing Datuk Allan Goh Hwan Hua and 18 associated entities, alleging they collectively lost approximately RM70 million. These individuals claim they were induced to deposit funds into various schemes between 2018 and 2021 under promises of full repayment and investment returns, none of which have been realised to date.
Allegations of Fraudulent Schemes

The plaintiffs assert that Goh and his agents used a network of intertwined corporate entities to implement schemes designed to collect deposits from unsuspecting investors. These entities include i-Serve Technology and Vacations Sdn Bhd, i-Serve Travels & Tours Sdn Bhd, and MYAirline Sdn Bhd, among others. The investors claim they were assured of receiving interest payments even if the businesses did not generate revenue.
Unrecovered Capital and Interest

To date, none of the 213 plaintiffs have successfully recovered their initial capital or any accrued interest from their investments. The lawsuit filed on Tuesday seeks, among other declarations, that Goh devised a fraudulent scheme using these associated entities and that certain agreements signed between the investors and these entities are void.
Previous Legal Actions and Regulatory Actions

This lawsuit follows a previous action by 15 investors who sued Goh and four companies under his control for approximately RM8 million. Separately, Bank Negara Malaysia imposed an RM50 million compound on the i-Serve Group in September of the previous year for accepting deposits without a licence, a compound that has since been paid.
Context of MYAirline's Suspension

The context of these allegations also involves MYAirline Sdn Bhd, a company co-founded by Goh, which suspended operations in October of the previous year. The airline cited financial pressures and the need for pending shareholder restructuring and recapitalisation as reasons for the suspension. Following these events, Allan Goh, his wife, and son were arrested to facilitate investigations under the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act 2001.

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How much money did investors allegedly lose in schemes linked to Allan Goh?

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